WTC-19.62%: Wisetech has been one of the market darlings through 2023 but today it plunged the most since 2020 after the software solutions company delivered weaker-than-expected guidance, saying FY24 EBITDA would ~$472m at the midpoint versus consensus at $543m i.e over 12% lower. This year’s numbers were largely in line with revenue of $816.8mn, up 29% year on year, actually a slight beat but for a stock like this, it’s all about what comes next and they didn’t deliver today. While profitability might be heading in the correct direction, the share price implied a lot of optimism through 2023 gaining ~75% at its best.
- A disappointing result for WTC compared to market expectations but still a solid business with 96% recurring revenue.
MM has no interest in WTC
Add To Hit List
